Here he repeats Keynes's abortive 1944 proposals for a much more ambitious International Monetary Fund issuing its own currency, the bancor, and with the power to discipline chronic surplus countries like China and Japan.

Despite his earlier reference to gold as the "barbarous relic" of a crumbling monetary system, Keynes wanted bancor (derived from the French words for bank and gold) to serve as bookkeeping money for settling international balances.

The original bold idea was of a world central bank which would maintain full employment equilibrium and provide the liquidity required for this purpose by expanding the supply of bancor (his proposed world currency).

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